With many Americans today declining Social Security Benefits until full retirement age. Medicare Easy Pay makes it easier for Americans to pay their monthly Medicare Part B premiums. Medicare Easy Pay pertains to those who declined to draw Social Security benefits at age 65, and still need Medicare Part B coverage.
Is there a cost involved?
Medicare Easy Pay is a free, electronic payment option that allows people to have their Medicare premium payments automatically deducted from a savings or checking account each month.
Anyone who gets a bill for their Medicare premiums from the Centers for Medicare & Medicaid Services (CMS) can sign up at anytime. Medicare Easy Pay does not qualify Railroad Retirement Board (RRB), all RRB must mail premium payments to RRB, Medicare Premium Payments, P.O. Box 979024, St. Louis, MO 63197-9000.
How do I start the process?
In order to start the process you must first complete an Authorization Agreement for Preauthorized Payments form (SF-5510), this authorizes the Centers for Medicare & Medicaid Services (CMS), the Federal agency that runs Medicare, to deduct your monthly Medicare premium from your bank account. You can download the form www.medicare.gov or call 1/800-MEDICARE (800-633-4227)
You’ll need to provide Medicare (CMS) a copy of a voided check, this process can take 6 to 8 weeks. Once your paperwork been processed, you’ll get a Notice of Medicare Premium Payment Due stating, “This is not a bill” to let you know that the premium will be deducted from your bank account.
Medicare (CMS) will then deduct your premium from your bank account (usually on the 20th of the month). It will appear on your bank statement as an “Automated Clearing House (ACH)” transaction. If your bank rejects or returns your premium deduction, Medicare (CMS) will then send you a letter with instructions on how to make a direct payment.
What if my premium changes?
If you get a notice from Medicare (CMS) stating that your premium are changing, no need to worry Medicare (CMS) will automatically deduct the new premium amount from you bank account.
If your still working and are planning to retire at age 66 or even 70 and are receiving “TRUE COMPANY BENEFITS”or “Creditable Health Insurance Coverage”, you may decline Medicare until you retire or come off of company benefits. This process requires another form from Medicare and information provided by your HR Department.
Have questions about your Medicare Options, call Stephanie at Secure Your Legacy (832) 953-4229 or go to www.medicare.gov for more information.